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$63.7 million in early retirement, severance and other restructuring charges at the education and newspaper publishing divisions (after-tax impact of $45.5 million, or $6.18 per share); $41.2 million of these charges were recorded in the fourth quarter (after-tax impact of $31.1 million, or $4.31 per share);

a fourth quarter $18.0 million write-down of a marketable equity security (after-tax impact of $11.2 million, or $1.54 per share);

a $5.8 million gain on the sale of a cost method investment (after-tax impact of $3.7 million, or $0.48 per share); and

Items included in the Company’s income from continuing operations for 2011 are listed below, and fourth quarter activity, if any, is highlighted for each item:

$31.3 million in severance and other restructuring charges at the education and newspaper publishing divisions (after-tax impact of $19.4 million, or $2.46 per share); $11.7 million of these charges were recorded in the fourth quarter (after-tax impact of $7.3 million, or $0.94 per share);

a $9.2 million impairment charge at one of the Company’s affiliates (after-tax impact of $5.7 million, or $0.72 per share);

a $53.8 million write-down of a marketable equity security (after-tax impact of $34.6 million, or $4.34 per share); and

$3.3 million in non-operating unrealized foreign currency losses (after-tax impact of $2.1 million, or $0.26 per share); $0.4 million in gains were recorded in the fourth quarter (after-tax impact of $0.3 million, or $0.03 per share).

Revenue for 2012 was $4,017.7 million, down 3% from $4,131.1 million in 2011. Revenues were down at the education and newspaper publishing divisions, partially offset by increases at the television broadcasting and cable television divisions. Operating income for 2012 decreased to $144.5 million, from $325.9 million in 2011. Operating results declined at all of the Company’s divisions, except for the television broadcasting division.